Alongside Musk's change of interaction with Tesla, both he and the company need to pay a $20 million fine for the foible.

Two new independent directors will be appointed to the board and a new committee of independent directors will be expected to put in place additional controls and procedures to oversee Musk's communications.

But several experienced litigators also said that, while the DOJ probe is separate, the SEC's settlement might mark the end of official action against Tesla and Musk.

Amid a slew of controversies surrounding TeslaCEOElon Musk, there comes some good news for the electric-car company's investors and staff as the tech billionaire has now said that the company is close to achieving profitability.

An expanded board and new chairman offers hope "a true check on Elon will emerge and there will be greater accountability" over Musk's statements and business targets, Spak added.

He accepted the deal "without admitting or denying the allegations of the complaint", according to a court document.

Musk in July landed a deal with Chinese authorities to build a new auto plant in Shanghai, its first factory outside the United States, that would double the size of the electric vehicle maker's global manufacturing. But Musk has pledged to post profits in future quarters, and the encouraging third-quarter production numbers may allow Tesla to post a third-quarter profit.

Tesla stock rose 17.3 per cent to $310.70 after a 14 per cent plunge on Friday, which left it slightly higher than it finished Thursday.

That is borne from a multiple reasons - greed is one, but the most common thread seems to be from those who have a lot to lose if Musk does deliver on his plan to rid the global economy of fossil fuels.

The company said on Tuesday it missed its production target of 6,000 Model 3s by 700 cars in the final week of September and outlined hurdles it faced due to the worsening of President Donald Trump's trade war with China.

After this "announcement, Tesla's share price spiked from $344 to $380 with reports that Saudi Arabia had bought $2 billion worth of shares in the company".

The Commission said Musk sent the tweet even though he "allegedly knew that the potential transaction was uncertain and subject to numerous contingencies", causing "significant market disruption".

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